Ready to participate in carbon credit supply

With its large and diverse forest resources, Tuyen Quang province has the advantage of being ready to participate in the carbon credit market.

Proactively develop policies and launch initial projects.

Recognizing the potential of providing carbon credit services, Tuyen Quang province has proactively prepared the necessary conditions. In 2021, the Provincial Party Committee issued Resolution No. 36-NQ/TU on sustainable forestry development for the period 2021-2030, and the province also developed a plan for sustainable forestry development until 2035. One of the key tasks throughout this plan is to implement an action plan to reduce greenhouse gas emissions, increase forest carbon stocks, manage forests sustainably, and prepare for participation in the carbon credit market.

Based on that orientation, from 2021 to the present, the province has collaborated with the Vietnam Energy and Environment Consulting Joint Stock Company (VNEEC) to review data, assess feasibility, and estimate the potential for absorbing and reducing greenhouse gas emissions by forests. This scientific information and data has also been provided to the Ministry of Agriculture and Environment to develop a feasibility study report for the Project on Reducing Emissions in Forestry in the Northern Midlands and Mountainous Region.

Tuyen Quang has implemented many programs to prepare for participation in the carbon credit market. Photo: Dao Thanh .

Simultaneously, Tuyen Quang province is also proactively connecting with international organizations and businesses experienced in forest carbon credits. Mr. Dao Duy Tuan, Head of the Tuyen Quang Provincial Forest Protection Department, said that the province has provided information and coordinated with the Korea International Cooperation Agency (KOICA), VNEEC, SK Forestry Company of Korea, Migreen Co., Ltd., etc., to seek opportunities for cooperation in developing forest carbon projects.

Another important preparatory step is that in early 2025, the province will launch the C4G Project – Building capacity to implement climate change mitigation plans and mobilizing sustainable financing for forest protection and development, including a high-quality carbon credit market. Funded by the Canadian government and CARE Vietnam, the project is expected to be a crucial foundation for the province to gradually develop mechanisms, capacity, and data systems to serve the carbon market.

Benefiting from carbon credit services will help forest owners increase their income from forests. Photo: Dao Thanh.

Businesses are taking the lead.

Besides the proactive efforts of the provincial government, forestry companies are also striving to prepare for new opportunities. Mr. Duong Minh Tuan, Head of Planning and Technical Department, Chiem Hoa Forestry Company Limited, said that the unit has implemented the planting of 3,600 hectares of forest according to a plan that extends the harvesting cycle from 9 to 12 years in order to increase accumulated carbon reserves.

This not only enhances the value of large timber but also opens up opportunities to generate additional profits from carbon credits if approved by the competent authority. However, businesses currently need specific guidance to implement these further steps.

With over 1 million hectares of forest and forestry land, Tuyen Quang is considered one of the provinces with the greatest potential in the country for carbon absorption and storage. The province of Tuyen Quang has requested that the central government promptly issue specific guidelines as a basis for the province to develop unified procedures, regulations, and mechanisms for implementing large-scale forest carbon projects.

If the legal framework is perfected, a clear benefit-sharing mechanism is established, and a modern data system is in place, carbon credit services will become a new growth engine for the local forestry sector.

Source: https://nongnghiepmoitruong.vn/san-sang-tham-gia-cung-ung-tin-chi-cac-bon-d787759.html